Attorneys

Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria American Depositary Receipts (NASDAQ: CRESY) from May 13, 2015 through December 30, 2015, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for CRESY investors under the federal securities laws.

If you purchased CRESY stock from May 13, 2015 through December 30, 2015 and would like to join the action, please click "Join This Class Action" above.

Press Release

New York, N.Y., April 29, 2016. Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria American Depositary Receipts (NASDAQ: CRESY) from May 13, 2015 through December 30, 2015, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Cresud investors under the federal securities laws.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

Cresud is the majority owner of IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA”). Dolphin Netherlands B.V. (“Dolphin”) is a subsidiary of IRSA. According to the lawsuit, defendants throughout the Class Period issued false and misleading statements to investors and/or failed to disclose that: (1) Dolphin does not adequately qualify as a Venture Capital Organization, and therefore, IDB Development Corporation Limited’s (“IDBD”) $6.7 billion net debt should be consolidated with IRSA’s financial statements; (2) as such, Cresud’s financial statements failed to consolidate IDBD’s $6.7 billion net debt; (3) IRSA’s impending consolidation of IDBD’s debt would violate IRSA’s Global Notes Indenture, as IRSA would be in breach of the “Incurrence of Additional Indebtedness” covenant, which prohibits its EBITDA to interest coverage ratio to be less than 1.75x; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 28, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to the firm’s website at http://rosenlegal.com/cases-797.html for more information. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.